If you are like many entrepreneurs and small business owners, you probably try to manage most tasks yourself. Maybe you outsource the big jobs like copywriting or graphic design, but you handle all of the financial recordkeeping yourself. Unless you are a trained accountant yourself, consider that task one of the big jobs and find yourself a good accountant.
Compliance
An accountant knows deadlines, dates, and tax rules and regulations thoroughly. If you miss a deadline, you could have to pay the Internal Revenue Service a lot of interest and penalties. An accountant not only knows when everything is due, they will take care of the filing for you.
Tax Reporting
Let’s face it, most small business owners are probably not preparing their taxes correctly. They are either missing deductions that they could take, or they are taking deductions that they shouldn’t. Much of that is due to the fact that tax requirements are confusing, and unless you are an accountant, you are just not going to know everything there is to know. Instead of losing money or taking a risk of being audited, hire an accountant to manage the work.
Time Drain
Bookkeeping is a huge time drain. It consumes your valuable time when you could be doing something else. For example, while you are spending that day calculating your profit and loss statement or paying bills, you could be making money writing content, forging partnerships or working with clients. Hire a specialist to focus on your bookkeeping and go make more money for them to record.
Information
Once again we come back to the fact that you are not an accountant, and not up on the latest technology or accounting practices. Your accountant can set you up with the best money-saving technology. They can offer business advice and they can help you grow and succeed.
Hiring an accountant is one of the first steps a business owner should take when getting started. If you don’t have an accountant and are doing it yourself, consider finding someone you trust to manage the task. You will find that not only will you have less stress, you will also be able to spend more time and attention on growing your business.
In order to find a good accountant you can trust, ask around. Interview potential candidates and find a provider who understands you and your business. You will be very glad that you took this step.
